Nomura Asset Management Co. Ltd. raised its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 8.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 39,492 shares of the specialty chemicals company’s stock after buying an additional 3,016 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in PPG Industries were worth $4,613,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. increased its stake in PPG Industries by 1.2% during the 4th quarter. BlackRock Inc. now owns 14,943,714 shares of the specialty chemicals company’s stock valued at $1,745,724,000 after buying an additional 175,593 shares during the period. Wells Fargo & Company MN increased its stake in PPG Industries by 18.8% during the 3rd quarter. Wells Fargo & Company MN now owns 3,211,728 shares of the specialty chemicals company’s stock valued at $348,987,000 after buying an additional 509,356 shares during the period. Aristotle Capital Management LLC increased its stake in PPG Industries by 3.2% during the 4th quarter. Aristotle Capital Management LLC now owns 3,193,287 shares of the specialty chemicals company’s stock valued at $373,040,000 after buying an additional 99,359 shares during the period. Nordea Investment Management AB increased its stake in PPG Industries by 3.1% during the 3rd quarter. Nordea Investment Management AB now owns 2,844,229 shares of the specialty chemicals company’s stock valued at $309,054,000 after buying an additional 85,980 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in PPG Industries by 7.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,724,238 shares of the specialty chemicals company’s stock valued at $296,017,000 after buying an additional 199,074 shares during the period. 76.90% of the stock is currently owned by hedge funds and other institutional investors.
In other PPG Industries news, VP Jean-Marie Greindl sold 9,500 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $115.79, for a total value of $1,100,005.00. Following the completion of the transaction, the vice president now directly owns 27,685 shares in the company, valued at $3,205,646.15. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.33% of the company’s stock.
Several research firms have commented on PPG. ValuEngine cut shares of PPG Industries from a “buy” rating to a “hold” rating in a research note on Wednesday, March 7th. Barclays reaffirmed an “equal weight” rating and issued a $122.00 price objective (down previously from $125.00) on shares of PPG Industries in a research note on Friday, March 2nd. Citigroup lowered their price objective on shares of PPG Industries from $128.00 to $125.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 24th. Northcoast Research reaffirmed a “buy” rating and issued a $128.00 price objective on shares of PPG Industries in a research note on Friday, January 19th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $120.00 price objective on shares of PPG Industries in a research note on Friday, January 19th. Twelve analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $124.19.
PPG Industries, Inc. (NYSE PPG) opened at $116.46 on Tuesday. PPG Industries, Inc. has a fifty-two week low of $100.45 and a fifty-two week high of $122.07. The company has a market cap of $29,398.45, a PE ratio of 19.98, a price-to-earnings-growth ratio of 2.04 and a beta of 1.56. The company has a quick ratio of 1.22, a current ratio of 1.66 and a debt-to-equity ratio of 0.73.
PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, January 18th. The specialty chemicals company reported $1.19 EPS for the quarter, topping the consensus estimate of $1.18 by $0.01. PPG Industries had a net margin of 10.98% and a return on equity of 26.76%. The company had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.61 billion. During the same period last year, the company posted $1.19 earnings per share. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. sell-side analysts predict that PPG Industries, Inc. will post 6.55 EPS for the current year.
PPG Industries declared that its Board of Directors has approved a stock repurchase program on Thursday, December 14th that permits the company to repurchase $2.50 billion in shares. This repurchase authorization permits the specialty chemicals company to purchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Monday, March 12th. Shareholders of record on Friday, February 16th were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 1.55%. The ex-dividend date was Thursday, February 15th. PPG Industries’s payout ratio is 28.53%.
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PPG Industries Company Profile
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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